Western Digital Corp (NASDAQ:WDC) was the recipient of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 10,230,000 shares, a decrease of 20.8% from the January 15th total of 12,920,000 shares. Based on an average trading volume of 5,259,500 shares, the days-to-cover ratio is currently 1.9 days. Approximately 3.5% of the shares of the stock are short sold.

A number of brokerages have commented on WDC. Maxim Group increased their price objective on shares of Western Digital from $89.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 31st. Robert W. Baird increased their price objective on shares of Western Digital from $45.00 to $60.00 and gave the stock an “underperform” rating in a report on Friday, January 31st. Benchmark raised shares of Western Digital from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Argus raised their target price on shares of Western Digital from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, Stifel Nicolaus started coverage on shares of Western Digital in a research note on Monday, December 2nd. They issued a “hold” rating and a $53.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $77.68.

In other Western Digital news, COO Michael D. Cordano sold 14,706 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $70.80, for a total transaction of $1,041,184.80. Following the sale, the chief operating officer now owns 248,946 shares of the company’s stock, valued at approximately $17,625,376.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Michael D. Cordano sold 1,320 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $55.12, for a total transaction of $72,758.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,318 shares of company stock worth $3,193,648. Insiders own 0.44% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. boosted its stake in Western Digital by 8.5% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock valued at $14,022,000 after acquiring an additional 22,751 shares in the last quarter. Cerebellum GP LLC acquired a new position in Western Digital in the third quarter valued at $121,000. NuWave Investment Management LLC boosted its stake in Western Digital by 2,109.6% in the third quarter. NuWave Investment Management LLC now owns 15,180 shares of the data storage provider’s stock valued at $891,000 after acquiring an additional 14,493 shares in the last quarter. Wealthfront Advisers LLC boosted its stake in Western Digital by 1.2% in the third quarter. Wealthfront Advisers LLC now owns 23,266 shares of the data storage provider’s stock valued at $1,388,000 after acquiring an additional 270 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Western Digital by 20.3% in the third quarter. Assenagon Asset Management S.A. now owns 30,800 shares of the data storage provider’s stock valued at $1,837,000 after acquiring an additional 5,200 shares in the last quarter. Institutional investors and hedge funds own 84.39% of the company’s stock.

Shares of NASDAQ:WDC opened at $69.58 on Friday. The company has a market capitalization of $20.23 billion, a price-to-earnings ratio of -17.14, a P/E/G ratio of 14.49 and a beta of 1.83. The firm’s 50 day simple moving average is $66.99 and its 200 day simple moving average is $58.82. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.92 and a quick ratio of 1.23. Western Digital has a fifty-two week low of $35.61 and a fifty-two week high of $72.00.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Thursday, January 30th. The data storage provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.32. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.23 billion. Western Digital had a negative net margin of 7.66% and a positive return on equity of 1.01%. Western Digital’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the company posted $1.45 EPS. Equities research analysts expect that Western Digital will post 2.35 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, April 3rd will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.87%. Western Digital’s dividend payout ratio is 52.49%.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.

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